Energisa (ENGI11) reported consolidated net income of R$ 951 mn in 3Q26, up 47% from R$ 648 mn in 3Q25. Recurring adjusted net income was R$ 792 mn (+85%), and net income attributable to the controlling shareholder totaled R$ 733 mn (+67%). According to the company, the result reflects the operational progress of its businesses, higher energy consumption amid above-average temperatures, and an improved financial result.
Recurring adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) reached R$ 2.4 bn (R$ 2,432 mn), up 17% from 3Q25. Accounting EBITDA was R$ 2,333 mn (+6%). Gross operating revenue totaled R$ 13.1 bn (+4%) and adjusted net revenue was R$ 7.8 bn (+2%). The EBITDA margin was 25%.
The Net Debt/covenant-adjusted EBITDA ratio declined to 2.95x in September 2026, compared with 3.1x in June and 3.15x in September 2025. Adjusted net debt was R$ 32.0 bn (R$ 32,047 mn), versus R$ 32,530 mn in June. The average cost of debt was 98.28% of the CDI (13.84% per year). The company attributes the reduction in leverage to the sale of transmission assets and to 7% growth in covenant EBITDA.
On August 12, 2026, Energisa completed the sale of five transmission concessions for R$ 1.545 bn in equity value, plus R$ 748 mn in debt. Consolidated PMSO (personnel, materials, services and others) grew 5% over 3Q25 and fell 6% from 2Q26. Investments totaled R$ 1.9 bn (R$ 1,941 mn, +7%), of which R$ 1.8 bn went to power distribution.
On November 10, 2026, the subsidiaries EPB, EAC, EAP, ES Gás, EDG and Rede Energia approved interim dividends totaling R$ 402.7 mn. Payments begin on November 11, 2026, except for Rede Energia's, scheduled for December 10. The distributors' total market grew 8.6% in the quarter, to 11,420 GWh.
